STRATEGY I SOLUTIONS I INTEGRITY
There are a variety of loans available to business that suit various situations. They can vary in the amount, loan term, interest rate, interest rate type (i.e. fixed or variable), fees and security.
At Biz 1 we like to do things a little different than most others. Yes, we like to talk to you and understand your needs and circumstances.
We provide the personalized service - not the go to a website and apply online where "if you fit you get" "if you don't you wont".
We get the Lender and Product that fits your needs and circumstances - not the other way around.
Biz 1 Finance has a range of Lenders and loans for:
An overdraft facility can be attached to your business account with an authorised overdraft limit. Security is usually required together with a credit assessment of the business viability. The purpose of an overdraft facility is to provide working capital for the business before income is received. It should not be used for capital purchases or long-term financing needs.
It's important to note that an overdraft facility is an authorised overdraft and differs to an unauthorised overdraft which can occur if a payment is made from an account with insufficient funds. Unauthorised overdrafts can sometimes incur considerable fees.
Line of credit
A line of credit or equity loan can provide access to funds by allowing the borrower to draw on an account balance up to an approved limit. As long as the balance does not exceed the approved limit, funds can be drawn at any time.
These loans are usually secured by a registered mortgage over a property. You're generally required to make payments to at least cover the interest and fees on the loan.
Flexibility is the main advantage of a line of credit – like an overdraft, money can be accessed as the need arises. As this type of loan is usually secured against property, interest rates tend to be lower than for overdrafts. However, it can put your property at risk if you fail to make repayments.
Fully drawn advance
A fully drawn advance is a term loan with a scheduled principal and interest repayment program. These loans are usually secured by a registered mortgage over a residential or commercial property or business asset.
A fully drawn advance provides access to funds upfront and is used for funding long-term investments such as a new business or equipment that expands the capacity of the business. The advantage of using a fully drawn advance for a business investment is the interest rate may be fixed for a period, providing certainty and stability for repayments.
Commercial bill (also known as a bill of exchange)
A commercial bill is a form of commercial loan suitable for short-term funding needs such as inventory. A commercial bill offers a fixed sum advance and requires an interest charge to be paid periodically. The final amount is then paid at the end of the term. Commercial bills typically require some sort of security.
We have relationships with many of the major Lenders that enables us to provide competitive solutions to: